Business
Electro-Sensors, Inc. Announces First Quarter 2021 Financial Results
MINNETONKA, Minn., May 13, 2021 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard
About this update from Electro-sensors, Inc.
[{"type":"text","content":"MINNETONKA, Minn., May 13, 2021 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the first quarter ended March 31, 2021.\nFirst quarter revenue of $1,901,000, down 1.1% from prior year-period Gross Margin of 52.1% Cash and investments of approximately $9.1 millionUnaudited; in thousands, except per share data\nQ1 FY21\nQ1 FY20\nChange\nNet Sales\n$\n1,901\n$\n1,923\n-1.1\n%\nGross Margin\n52.1\n%\n52.0\n%\n10\nbps\nOperating Loss\n$\n(4)\n$\n(141)\n97.2\n%\nOperating Loss Margin\n(0.2)\n%\n(7.3)\n%\n710.0\nbps\nLoss Before Income Tax Benefit\n$\n(2)\n$\n(110)\n98.2\n%\nLoss Per Share (diluted)\n$\n0.00\n$\n(0.03)\n100.0\n%\nNet sales for the 2021 first quarter decreased 1.1% to $1,901,000 from $1,923,000 in the prior-year quarter. Correspondingly, operating expenses have been reduced, leading to a smaller net loss in the first quarter of 2021 compared to the net loss in the similar period during 2020.\n\"While COVID-19 continues to impact our business, during the first quarter we were encouraged with increases in international sales as well as gains from our HazardPRO line of wireless hazard monitoring systems,\" said David L. Klenk, Electro-Sensors' president. \"Additionally, as travel restrictions are gradually beginning to lift, our ability to visit customers for sales and service has improved, leading to closer engagements with our customers.\"\nA full analysis of results for the period ended March 31, 2021 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov. \nElectro-Sensors, Inc.\nConsolidated Statements of Income\nFor the Quarter Ended March 31, 2021 and 2020 (unaudited)\n(in thousands except share and per share amounts)\nThree Months Ended March 31\n2021\n2020\nSales\n$\n1,901\n$\n1,923\nCost of goods sold\n911\n924\nGross profit\n990\n999\nOperating expenses\n994\n1,140\nOperating loss\n(4)\n(141)\nNon-operating income\n2\n31\nLoss before income taxes\n(2)\n(110)\nBenefit from income taxes\n0\n(19)\nNet loss\n$\n(2)\n$\n(91)\nLoss per share – diluted\n$\n0.00\n$\n(0.03)\nAverage shares outstanding - diluted\n3,395,521\n3,395,521\nElectro-Sensors, Inc.\...